Scale and a powerful sponsor network awards Churchill robust deal flow that is pre-vetted by top quartile sponsors1.”
Jason Strife
Head of Junior Capital and Private Equity Solutions
Investment criteria
Junior capital
Structured capital
Company size (EBITDA)
$10 - $100 mm
$10 - $100 mm
Target position size
$10 - $100 mm
$10 - $75 mm
Capabilities
- 2nd lien
- Subordinated notes
- PIK HoldCo notes
- Preferred equity
- Customized structures
Insight
White paper
Debunking junior capital myths
Myths about the use and risk profile of junior capital often stem from misconceptions that overlook the protections that experienced, disciplined lenders put in place…
Streamlined investment process:
Originate
Evaluate opportunities from leading private equity sponsors and deal intermediaries.
Analyze
Conduct initial company and industry analysis, prepare preliminary financial models, and form a view on debt structure.
Early deal discussion
Engage in management meetings, perform exploratory financial due diligence, and assess industry trends, competitive landscape, and transaction structure.
Investment committee
Conduct diligence in key areas, review third-party research, arrange industry calls, and evaluate financial and operational resilience. Present to investment committee for final approval.
Closing
Negotiate and finalize legal documentation, manage the capital funding process, and ensure a seamless transition into portfolio monitoring.
Originate
Analyze
Early deal discussion
Investment committee
Closing
Recent transactions
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Hometown Food Company
Hometown Food Company
Lender
- Second Lien Term Loan
Brynwood Partners
June 2025
-
Columbia Home Services
Columbia Home Services
Lender & Investor
- Equity
- Subordinated Note
Tenex Capital Management
May 2025
-
Momentum Textiles and Wallcovering
Momentum Textiles and Wallcovering
Lender
- Subordinated Note
Riverside Company
March 2025
-
News & Press
Private debt’s show of strength
New York, October 22, 2025 – In this podcast, Randy discusses why lenders who have built strong relationships with investors through market cycles are well-placed to benefit from market uncertainty.
Churchill’s Ken Kencel to receive the 2025 Lifetime Achievement Award and be inducted into the M&A Advisor Hall of Fame
New York, NY, October 14, 2025 – The M&A Advisor is proud to announce that Ken Kencel, President and CEO of Churchill Asset Management, will be recognized as The M&A Advisor’s 2025 Lifetime Achievement Award recipient. Mr. Kencel will be honored for his significant contributions in the fields of private capital and middle-market finance at the 2025 Future of Dealmaking Summit, on November 18th & 19th in New York City. Mr. Kencel will also be formally inducted into The M&A Advisor’s Hall of Fame…
From Bullpen to Boardroom: Ken Kencel on 40 Years in Credit
New York, October 10, 2025 – In this episode of CAIS Live Conversations: Building With Alts—Brad Walker talks with Ken Kencel, Founder, President, & CEO of Churchill Asset Management, about the growth in private credit.